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VEON Sinks on Eurobond Cancellation
According to the terms of the VEON Bonds, the registrar is required to cancel the VEON Bonds purchased by a subsidiary of VEON and surrendered to the registrar for cancellation. Both conditions to cancellation have now been met.
VEON is a global digital operator that currently provides converged connectivity and online services to over 160 million customers in 6 dynamic markets. We are transforming people’s lives, empowering individuals, creating opportunities for greater digital inclusion and driving economic growth across countries that are home to more than 7% of the world’s population.
CEO Kaan Terzioglu said: “The cancellation of VEON’s Eurobonds will pave the way for VEON to exit Russia in a way that we believe to be the optimal outcome for all our stakeholders – including our investors, creditors, customers and employees. This cancellation is a non-cash transaction necessary for our timely exit from Russia; and protects VEON and its investors from a risk of double payments in the future. We look forward to the completion of this cancellation, a milestone in the closing of the sale of VEON’s Russia operations.”
VEON shares fell 24 cents, or 12.2%, to $19.20.
